The College Football Playoff has a new deal set to begin in 2026.

Heather Dinich and Pete Thamel of ESPN reported that the 10 FBS conferences and Notre Dame have "agreed to the next College Football Playoff contract" and that the new agreement will "bring the sport's postseason much closer to an expected 14-team field."

"The memorandum of understanding guarantees that the field will have at least 12 teams in 2026 and beyond, but sources indicate there is a strong preference for a 14-team field that includes the five highest-ranked conference champions and the next nine highest-ranked teams," Dinich and Thamel wrote.

The College Football Playoff will be expanding to 12 teams for the 2024 season after having a four-team field since the 2014 season.

One notably development is the lack of an automatic bye for the SEC and Big Ten champions. The committee was reportedly considering granting the champions from those conferences an automatic bye if the field were to expand to 14 teams. Additionally, the league's were pushing for four-automatic bids in the field, but that was also not included in Dinich and Thamel's report.

Among the changes in the new contract will be the financial structure, as Dinich and Thamel reported that the SEC and Big Ten will be receiving a significantly higher share than the other conferences.

"The financial distribution for the expected 14-team playoff will look radically different than its playoff predecessor," Dinich and Thamel reported. "On an annual basis, for example, the Big Ten and SEC will be making more than $21 million per school, a number that's up from the nearly $5.5 million the Power Five leagues are currently being paid."

Thamel and Dinich reported that the ACC's payout will be $13 million per school while the Big 12's payout will be $12 million. Notre Dame will also get $12 million, while the Group of Five is expected to get a $1.8 million payout.

The contract will reportedly have a "look-in" clause for 2028 that will examine if any monetary distribution changes will be needed. This will be based on conference's performance in the playoff, as well as any potential realignment that could further change the landscape of the sport.

The 2024 format will feature the top-five ranked conference champions. The remaining slots will be filled by at-large teams.